All articles by PBI Editorial
PBI Editorial
REYL granted Swiss banking licence
Swiss wealth and asset management group REYL & CIE has received permission to set up a bank in Switzerland from FINMA Swiss Financial Market Supervisory Authority.
M&T Bank snaps up Wilmington Trust for $350m
Wilmington Trust has been acquired by another domestic US player, M&T Bank, despite foreign interest in the troubled US bank and wealth manager. Wilmington was described by Wall Street analysts as going for a bargain price, of about $350 million in stock, after a steadily mounting backlog of loan losses and quarterly earnings losses.
UBS strengthens wealth management executive team
UBS has restructured its wealth management division with a slimmed-down geographical management organisation aimed at strengthening its hands-on management capabilities. It will now have four regions, instead of seven previously Asia-Pacific; Western Europe, the Mediterranean, Middle East and Africa; North, East and Central Europe; and the US. This is the first visible sign of the thinking of new private banking head Raoul Weil, who stepped into the role unexpectedly in June after the bank ousted chief executive Peter Wuffli in July over a money-losing inhouse hedge fund and subprime exposures.
EFG expands Swiss presence with Lugano office
EFG International’s Swiss private banking business, EFG Bank, has opened an office in Lugano as part of ambitious plans to develop its Swiss business. The office is made up of an initial team of six client relationship officers led by Piergiuseppe Vescovi, formerly a director responsible for wealth management at the Lugano branch of Banque de Dpts et de Gestion.
Deutsche AuM drops, small German gain
Invested assets at Deutsche Bank dropped 6bn ($8.3bn) in the third quarter of 2010 although its asset and wealth management (AWM) businesses recorded overall gains in net revenues. Invested assets the most commonly used figure for assets under management (AuM) at Deutsche stood at 313bn down on the second quarter but a 72% gain on the third quarter of 2009
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
UBS halts asset outflows, new money trickles in
UBS has halted the outflow of client assets in the third quarter of 2010 but revenues declined 7 and 10 percent respectively in its wealth management and American wealth divisions.
Multi-family offices bite back
Widespread disenchantment over the quality of advice during the financial crisis means private banking could be dangerously disintermediated out of the ultra-wealthy segment At the head of the UHNW hunting pack are multi-family offices who are nipping at the heels of private banks. Major multi-family offices (MFO), like Londons Stonehage and Stanhope Capital, are morphing into immensely influential institutions, taking on ever-more powerful roles as trust, fiduciaries and investment managers to the super-wealthy.
Banks should tap $1.2trn offshore insurance pool
Private banks are missing a trick by failing to provide wealthy clients insurance-linked products despite demand for the market worth nearly $1.2trn Wealth consultancy Scorpio Partnership estimates less than 5% of all wealth management portfolios in emerging markets include an insurance component but demand is rising Scorpio predicts insurance-wrapped cover to increase 15% in the next five years
Credit Suisse estimates 61% global wealth jump
The wealth of 4.4bn adults across the globe has jumped 72% in the last decade and is forecast to grow a further 61% by 2015 Credit Suisses first-ever Global Wealth Report predicts global wealth will reach $315trn in the next five years from $195trn in 2010 At the top of the wealth pyramid, there are more than 1,000 billionaires globally, of which 245 are in Asia-Pacific, 230 are in Europe and 500 are in North America.
Scotiabank snaps up Caribbean wealth business
Canadian private wealth manager Scotiabank has acquired BNP Paribas wealth management business in Panama and the Cayman Islands. It is the latest in a series of deals expanding their global wealth management division Scotiabank began its Caribbean expansion in early August with their acquisition of a small portion of BNP Paribas business in the Bahamas